HALO - Shares of Halozyme add ~9% after hours on Q2 revenue rise raised FY 2022 guidance

Halozyme ( NASDAQ: HALO ) stock gained 8.5% to $47.00 in Tuesday postmarket trading, after the company reported a rise in Q2 revenue, helped in part by a recent acquisition, and raised its FY 2022 guidance.

San Diego, Calif.-based HALO develops drug delivery systems. Its products include the Enhanze subcutaneous drug delivery technology and the Hylenex injection which is indicated as an adjuvant to increase the dispersion and absorption of other injected drugs.

HALO posted Q2 non-GAAP EPS of $0.53, compared to $0.66 a year ago. Its Q2 revenue of $152.4M rose 12% Y/Y.

The increase in quarterly sales was driven by greater royalty revenue, primarily from Johnson & Johnson's ( JNJ ) subcutaneous Darzalex cancer medication, and from the addition of Antares Pharma's products.

The company closed its $960M acquisition of Antares Pharma in Q2. Antares developed therapeutic products using its drug delivery systems.

Due to the closing of the Antares deal and the strong quarterly results, HALO said it now expects FY 2022 revenue of $655M to $685M from a prior forecast of $530M to $560M.

FY 2022 non-GAAP EPS is now anticipated to be $2.10 to $2.25 from a previous guidance of $2.05 to $2.20.

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